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Posted on 1/26/24 at 5:06 pm to down time
quote:
My target is $125,000 by 2025
Consolidation at 40 now, next level 60
Don't be surprised if it's a lot higher than that. There's currently a lot of Bitcoin being sold into the market from the FTX, GBTC and Silk Road situations. Plus all of the sell the news weak hands. But not many people are paying attention to the fact that all of the Bitcoin ETF managers are currently buying roughly 15 times the daily new Bitcoin supply, as they are buying approximately 13,444 BTC daily against the miners' 900 BTC daily creation rate. That's a lot of demand pressure once the FTX and GBTC selling subsides completely. The selling has already slowed and Bitcoin is already going up again.
In addition, the Halving event will be here in less than 3 months, the ETFs are going to ramp up advertising, Hong Kong appears to be moving to Spot Bitcoin ETFs, Saudia Arabia and another middle eastern country are rumored to be announcing soon for their plans to acquire 1 million Bitcoin, French president Macron recently said that he wants France to become a crypto hub and more. I really believe worldwide Bitcoin FOMO is a high probability in 2024.
This post was edited on 1/26/24 at 5:27 pm
Posted on 1/26/24 at 7:10 pm to Saint5446
quote:
Thread is making me feel both good for ripping the bandaid off with the advisor and also like shite for waiting so long and missing out on the past few years of gains. Lesson learned I guess.
you are good. you ain't even young middle aged yet 40-45. you have plenty time. Posted on 1/27/24 at 11:16 am to Saint5446
I have only read a few replies but would say don't fire a financial advisor based on social media. I am sure there are more details involved in the decisions made with your advisor. Don't put too much stock in comments that have about 3 seconds of thought put into them.
I had a whole life policy once. Was not the worst thing in the world. At the time, I didn't have a lot of financial knowledge. But it didn't turn out terrible. You get lots of second guessing on social media, but at least you were saving money.
Annuities have high fees, but are fine for some people. You can do better if you stay educated along with some other factors. I have a brother that has his money in an annuity The money would be lost otherwise at a casino or some other get rich scheme that he always wants to chase.
I will say that if you use a financial advisor and make big changes without keeping them in the loop, then you are being careless. Use one. Don't use one. Just don't half-arse it.
I had a whole life policy once. Was not the worst thing in the world. At the time, I didn't have a lot of financial knowledge. But it didn't turn out terrible. You get lots of second guessing on social media, but at least you were saving money.
Annuities have high fees, but are fine for some people. You can do better if you stay educated along with some other factors. I have a brother that has his money in an annuity The money would be lost otherwise at a casino or some other get rich scheme that he always wants to chase.
I will say that if you use a financial advisor and make big changes without keeping them in the loop, then you are being careless. Use one. Don't use one. Just don't half-arse it.
Posted on 1/27/24 at 11:51 am to KWL85
He did you a disservice by putting you in an annuity in your thirties for sure. I am actually surprised an annuity company took the money.
Posted on 1/27/24 at 11:52 am to TDTOM
That seems to be the consensus. Are the reason people hate annuities just because of the high fees or limited investment options causing you to miss out on gains?
Posted on 1/27/24 at 12:07 pm to TDTOM
Ridiculous reply. I am not going to get in to a long debate, but you don't have any facts to base your assertion on. Great analysis on your part.
Posted on 1/27/24 at 12:23 pm to Saint5446
quote:
Are the reason people hate annuities just because of the high fees or limited investment options causing you to miss out on gains?
For the most part, yes. I would also add in the surrender charges if you change your mind.
Posted on 1/27/24 at 12:23 pm to KWL85
quote:
Ridiculous reply. I am not going to get in to a long debate, but you don't have any facts to base your assertion on. Great analysis on your part.
I'm listening.
Posted on 1/27/24 at 12:26 pm to Saint5446
There are so many problems with them…
Lock up period or surrender charge
Under 59.5 a 10% penalty if not in an IRA
If in an IRA, paying for deferral when you already get it
Fees
Limited options
Sold with “guarantees” that are easily achievable without all the contractual terms
Etc etc
Lock up period or surrender charge
Under 59.5 a 10% penalty if not in an IRA
If in an IRA, paying for deferral when you already get it
Fees
Limited options
Sold with “guarantees” that are easily achievable without all the contractual terms
Etc etc
Posted on 1/27/24 at 12:29 pm to UpstairsComputer
I know we are talking about an IRA here, but I hate the idea of taking a capital gains taxed asset and turning it into an income taxable asset.
Posted on 1/27/24 at 1:37 pm to KWL85
quote:
I have a brother that has his money in an annuity The money would be lost otherwise at a casino or some other get rich scheme that he always wants to chase.
Yes. An annuity is a better plan than 2 weeks in Vegas. It is a better plan than multi-level marketing and hosting "do it yourself: real estate seminars".
You make great points.
I wish my financial advisor had shared that wisdom with me years ago.
/s
Posted on 1/28/24 at 9:51 am to TDTOM
quote:
I know we are talking about an IRA here, but I hate the idea of taking a capital gains taxed asset and turning it into an income taxable asset.
That’s the cost of deferral.
Same thing you are doing with a 401(k), but at least there yiu get a match.
This post was edited on 1/28/24 at 9:52 am
Posted on 1/28/24 at 6:56 pm to KWL85
quote:We know who sells these products….
Ridiculous reply. I am not going to get in to a long debate, but you don't have any facts to base your assertion on. Great analysis on your part.
Posted on 1/28/24 at 7:13 pm to saderade
quote:
We know who sells these products….
I would love to hear his argument. I am not an anti-annuity guy, but this shite is ridiculous.
OP: Which JNL product did he put you in?
Posted on 1/28/24 at 8:23 pm to TDTOM
Jackson National Variable annuity. Mix of funds from there.
Posted on 1/29/24 at 9:19 am to TDTOM
Listening? For what? My comment was you don't have enough info to make such a statement. You haven't provided any response.
I made the points that one shouldn't recommend a person get fired with very little facts, that an annuity can be a good choice for some, and that the OP should include his advisor in big decisions if he is going to use one.
I assume the down votes are on the annuity. I don't use them, but they could be a choice for some. Not everyone is financially educated. An annuity is better than doing nothing or reckless gambling. Some people are so risk averse that they never invest at all. And they often spend everything they make and end up with no investments and no savings. Others are so risky that they chase every shiny thing and miss on most of them.
If an advisor is selling a product to better themselves with commission, then shame on them. We don't know that this advisor did that with the little info we have.
I don't work in the financial industry, and am not promoting any product.
I made the points that one shouldn't recommend a person get fired with very little facts, that an annuity can be a good choice for some, and that the OP should include his advisor in big decisions if he is going to use one.
I assume the down votes are on the annuity. I don't use them, but they could be a choice for some. Not everyone is financially educated. An annuity is better than doing nothing or reckless gambling. Some people are so risk averse that they never invest at all. And they often spend everything they make and end up with no investments and no savings. Others are so risky that they chase every shiny thing and miss on most of them.
If an advisor is selling a product to better themselves with commission, then shame on them. We don't know that this advisor did that with the little info we have.
I don't work in the financial industry, and am not promoting any product.
Posted on 1/29/24 at 9:48 am to KWL85
So, in short, selling annuities to a 38-year-old is good because it is not hookers and blow. Got it.
Posted on 1/29/24 at 1:21 pm to TDTOM
I was actually 34 when he sold it to me!
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